Transfers of HDFC Property
To: Title Insurers and Title Agents
Re: Guidance on Housing Development Fund Corporations Seeking to Transfer or Sell Property for, or Otherwise Convert Property to Market-Rate Use
On July 16, 2015, the New York State Department of Law, in consultation with the City of New York Department of Housing Preservation and Development and the New York State Division of Housing and Community Renewal, published a memorandum providing guidance on restrictions and requirements in connection with the transfer or sale of real property owned by Housing Development Fund Corporations formed, pursuant to the Private Housing Finance Law and the Business Corporation Law, for the purpose of providing low-income housing. This guidance may be helpful to the title insurance industry. Interested title insurance companies and title agents can familiarize themselves with this guidance at the Attorney General’s website.